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Indian share markets remain buoyant
Mon, 9 Dec 01:30 pm

Indian share markets continued to rule firm in the post-noon trading session. Barring consumer durables, all the sectoral indices are trading in the green with banking, capital goods and realty stocks being the biggest gainers.

BSE-Sensex is up 323 points and NSE-Nifty is trading 99 points up. BSE Mid Cap is trading up 0.86% and BSE Small Cap index is trading up 0.3%. The rupee is trading at 61.1 to the US dollar.

Majority of the Automobile stocks are trading in the green with Mahindra & Mahindra (M&M) and Maruti Suzuki being the major gainers whereas Force Motors and Eicher Motors are trading in the red. As per a leading financial daily, M&M would be making capital investments of Rs 75 bn over the next three years across its diverse business segments. The magnitude of investments in the agriculture segment will be small as compared to investments in the automobile and tractor segments. The company wants to expand its presence in the agriculture business by launching mechanization products such as rice transplanters developed in India and a new series of rotavators that are essentially tractor-drawn equipments. In the micro-irrigation segment, M&M is exploring technological tie-ups with foreign companies. The company already has micro-irrigation products company EPC industries under its portfolio that it wants to scale up further. M&M stock is currently trading up by 2%.

Stocks from the healthcare sector are largely trading firm with Dr. Reddy's Laboratories and Sun Pharmaceuticals leading the pack of gainers while Apollo Hospitals and Cipla are trading weak. A leading business daily has reported that Glenmark Pharmaceuticals has launched an anti-inflammatory cream in the US market. It has done this through its US based subsidiary Glenmark Generics Inc. This cream – which is a generic version of Locoid Lipocream - is used to treat dermatoses in adults and moderate dermatitis (skin inflammations) in patients under the age of eighteen. The company had received approval for launching the generic version in September this year. This is a positive development for the company as it would enjoy a 180 day exclusivity being the first to launch the generic version of this Hydrocortisone Butyrate cream. The sales of this cream stood at about US$ 37 m (about Rs 2.3 bn) in the US only in the past twelve months, thereby giving a sense of the market size.

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